GECAZO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GECAZO
Largest movements
- Receivables within one year -€22,062
down €22,062 (-11.5%), from €191,577 to €169,515
of which Trade receivables: -€43,209
- Stocks and contracts -€9,489
down €9,489 (-50.5%), from €18,792 to €9,303
- Tangible fixed assets +€2,832
up €2,832 (+15.9%), from €17,855 to €20,686
of which Furniture and vehicles: +€10,456
- Trade debts -€52,545
down €52,545 (-46.1%), from €113,923 to €61,378
- Debts after one year +€48,049
up €48,049 (+591.9%), from €8,118 to €56,167
of which Other amounts payable: +€55,000
- Profit (loss) carried forward -€39,846
down €39,846 (-68.6%), from -€58,094 to -€97,941
- Current portion of long-term debt +€20,087
up €20,087 (+292.7%), from €6,864 to €26,951
- Tax, wage and social debts -€3,638
down €3,638 (-62.8%), from €5,792 to €2,155
of which Taxes: -€4,339
- Gross operating margin -€24,619
down €24,619 (-39.6%), from €62,112 to €37,493
- Staff costs -€18,888
down €18,888 (-22.8%), from €82,852 to €63,964
- Financial charges -€2,372
down €2,372 (-42.1%), from €5,641 to €3,269
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €236,181 | €206,752 | -€29,429 | -12.5% |
| Fixed assets | 21/28 | €17,855 | €20,686 | +€2,832 | +15.9% |
| Tangible fixed assets | 22/27 | €17,855 | €20,686 | +€2,832 | +15.9% |
| Plant, machinery and equipment | 23 | €1,363 | €532 | -€832 | -61.0% |
| Furniture and vehicles | 24 | €1,770 | €12,226 | +€10,456 | +590.8% |
| Leasing and similar rights | 25 | €14,722 | €7,928 | -€6,793 | -46.1% |
| Current assets | 29/58 | €218,326 | €186,065 | -€32,261 | -14.8% |
| Stocks and contracts in progress | 3 | €18,792 | €9,303 | -€9,489 | -50.5% |
| Stocks | 30/36 | €18,792 | €9,303 | -€9,489 | -50.5% |
| Amounts receivable within one year | 40/41 | €191,577 | €169,515 | -€22,062 | -11.5% |
| Trade receivables | 40 | €158,765 | €115,557 | -€43,209 | -27.2% |
| Other amounts receivable | 41 | €32,812 | €53,958 | +€21,147 | +64.4% |
| Cash at bank and in hand | 54/58 | €6,136 | €6,138 | +€2 | 0.0% |
| Deferred charges and accrued income | 490/1 | €1,820 | €1,108 | -€712 | -39.1% |
| Total equity and liabilities | 10/49 | €236,181 | €206,752 | -€29,429 | -12.5% |
| Equity | 10/15 | €8,768 | -€31,078 | -€39,846 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,263 | €48,263 | = | 0.0% |
| Tax-exempt reserves | 132 | €39,164 | €39,164 | = | 0.0% |
| Distributable reserves | 133 | €9,099 | €9,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,094 | -€97,941 | -€39,846 | -68.6% |
| Provisions and deferred taxes | 16 | €71,389 | €71,389 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €71,389 | €71,389 | = | 0.0% |
| Pensions and similar obligations | 160 | €71,389 | €71,389 | = | 0.0% |
| Amounts payable | 17/49 | €156,024 | €166,441 | +€10,417 | +6.7% |
| Amounts payable after more than one year | 17 | €8,118 | €56,167 | +€48,049 | +591.9% |
| Financial debts | 170/4 | €8,118 | €1,167 | -€6,951 | -85.6% |
| Other amounts payable | 178/9 | - | €55,000 | +€55,000 | |
| Amounts payable within one year | 42/48 | €147,906 | €110,274 | -€37,632 | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €6,864 | €26,951 | +€20,087 | +292.7% |
| Financial debts | 43 | €21,327 | €19,790 | -€1,537 | -7.2% |
| Credit institutions | 430/8 | €21,327 | €19,790 | -€1,537 | -7.2% |
| Trade debts | 44 | €113,923 | €61,378 | -€52,545 | -46.1% |
| Suppliers | 440/4 | €113,923 | €61,378 | -€52,545 | -46.1% |
| Taxes, remuneration and social security | 45 | €5,792 | €2,155 | -€3,638 | -62.8% |
| Taxes | 450/3 | €4,339 | - | -€4,339 | |
| Remuneration and social security | 454/9 | €1,453 | €2,155 | +€701 | +48.2% |
| Remuneration, social security and pensions | 62 | €82,852 | €63,964 | -€18,888 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,581 | €9,198 | +€616 | +7.2% |
| Other operating charges | 640/8 | €1,069 | €1,297 | +€228 | +21.3% |
| Gross operating margin | 9900 | €62,112 | €37,493 | -€24,619 | -39.6% |
| Operating profit (loss) | 9901 | -€30,390 | -€36,965 | -€6,575 | -21.6% |
| Financial income | 75/76B | €368 | €388 | +€20 | +5.4% |
| Recurring financial income | 75 | €368 | €388 | +€20 | +5.4% |
| Financial charges | 65/66B | €5,641 | €3,269 | -€2,372 | -42.1% |
| Recurring financial charges | 65 | €5,641 | €3,269 | -€2,372 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | -€35,663 | -€39,846 | -€4,183 | -11.7% |
| Profit (loss) for the period | 9904 | -€35,663 | -€39,846 | -€4,183 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,663 | -€39,846 | -€4,183 | -11.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.